Chinese Yuan: "Manipulated" Does NOT Mean "Unpredictable"

“…markets are bigger than governments.”
This year’s U.S. presidential election brought into focus one market you don’t hear about often: the Chinese yuan, or renminbi.
“Donald Trump has been telling us all for a long time now that China is a currency manipulator. It’s part of his plan for his first 100 days in office to get on with making sure that China is legally declared to be such a currency manipulator and thus start the process of doing something about it.
“The problem with this is that China really is a currency manipulator. But they’re manipulating the value of the yuan up, not down. Thus returning it to the correct free market value isn’t going to have the desired effect of closing America’s trade deficit with China.” (Forbes, Nov. 13.)